Daily Pivots: (S1) 212.00; (P) 213.04; (R1) 214.26; More…
Intraday bias in GBP/JPY remains neutral for the moment. Risk will stay on the downside as long as 55 4H EMA (now at 214.53) holds. Below 210.43 will target 209.58 support first. Break will target 38.2% retracement of 184.35 to 216.58 at 204.28.
In the bigger picture, while the fall from 216.58 is steep, there is no clear sign of trend reversal yet. The long term up trend could still extend to 61.8% projection of 148.93 (2022 low) to 208.09 (2024 high) from 184.35 at 220.90 on resumption. However, sustained break of 55 W EMA (now at 205.45) will argue that it’s already in medium term down trend for 184.35 support.
 holds. Below 210.43 will target 209.58 support first. Break will target 38.2% retracement of 184.35 to 216.58 at 204.28.){kind=link}